I honestly think the RX 480 is getting a little bit too much flak from you guys. I found the R9 290 to be a solid performer for the amount of power it consumed, and now we get a cheaper GPU that consumes far less power, cheaper to make, and is faster than an R9 290 in newer games.
We are looking at the baseline of performance for the RX 480. When the 1500 MHz versions are popping up on reviews with mature drivers, I think we will see significant performance boosts. I'm also hoping AMD will be able to improve Polaris' DX11 performance through drivers.
RX 480 power consumption is a non-issue for an entry-level PC gamer. Put the RX 480 in the eyes of a new PC gamer, who is completely intimidated by all the choice he/she must make. At its cost, the RX 480 is a no-brainer. Affordable power supplies are aplenty while power cost is generally low. The only problem is that the RX 480 is not a drop-in upgrade for certain cheap pre-built desktops. I don't believe it was ever supposed to be a card that sips power anyways. We have the RX 460 and RX 470 coming right around the 1060 launch most likely. It should fill in most of the price/power/performance gaps we have now.
Anyone buying an RX 480 now should be aware of its high stock voltage. Undervolting is incredibly easy and offers real temperature and power consumption improvements. If I owned RX 480 CFX, I would undervolt them -100mv and run the cards at their highest stable clockspeed (only when CFX scales). Doing so enables a near-silent fan curve at load. Buying an AIB version means we can overvolt and overclock them to the max. That's what I'd be doing. I expect RX 480 performance to increase dramatically over the next couple years. Even if RX 480 @ 1500 MHz consumes about as much power as an R9 290, does it really matter? I don't care about my power consumption, as long as I'm keeping everything cool and quiet and not pushing the voltage too much.
I see a lot of people saying the comparison for the RX 480 and the GTX 1070 is wrong. I agree. What is actually compared is RX 480 CF vs GTX 1070. If the GTX 1070 has equal performance to RX 480 8GB Crossfire, but costs less, does that make the RX 480 CF a bad deal? We are seeing in many benchmarks that Polaris is not scaling well. I don't believe that we are seeing Polaris' full potential yet, but it does put the GTX 1070 in pretty good light considering its high cost; especially in games that CFX/SLI will never work.